The exemptions are in respect of units in one of the various unit trusts that are established under the laws of Australia and listed in the schedules of this notice.

The Securities Commission considers that it is appropriate to grant the exemptions for the following reasons:

the exemption from clause 7(5) of Schedule 3 of the Securities Regulations 1983 is appropriate because the Australian unit trusts invest in market securities in respect of which meaningful forecasts are very difficult to achieve; and

the Australian unit trusts appear to be more akin to a New Zealand unit trust than they are to other types of participatory scheme. The exemptions granted are consistent with the requirements that apply to New Zealand unit trusts; and

the exemptions are consistent with the Commission's policy on exemptions of this nature and with other similar exemptions granted.

Reprints notes

1General

This is a reprint of the Securities Act (Global Investment Services Limited and Global Guardian Management Limited) Exemption Notice 2008 that incorporates all the amendments to that notice as at the date of the last amendment to it.

2Legal status

Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, will have the status of an official version once issued by the Chief Parliamentary Counsel under section 17(1) of that Act.